There are many ways to support the Lancaster Education Foundation that do not affect you and your family during your lifetime. Including a bequest in your estate plan is one way to leave a legacy, but there are other arrangements, similar to bequests, which are simple and accomplish the same goal. - Statement of Intent
Bequests (Gifts by Will or Living Trust)
Simple provisions in your Will can make a big impact at LEF.
When including the LEF in your will, please use our legal name – Lancaster Education Foundation. The following bequest language will serve for unrestricted purposes: I hereby devise and bequeath (a percentage of, or dollar amount) of my estate to The Lancaster Education Foundation, 1020 Lehigh Avenue, Lancaster, PA 17602.
Since gift plans are the single best source to support and increase the foundations’s vital endowment, we encourage our generous donors to consider leaving bequests to “unrestricted use for the benefit of the School District of Lancaster.”
However, if you wish to designate your bequest to benefit a specific purpose, please contact Sandi Mauer, Program Manager, to discuss your intent and the best way to phrase your gift in order to meet your intentions. Phone: 717-391-8660 or firstname.lastname@example.org.
Gifts of Life Insurance
Gifts from a current life insurance policy may require only a beneficiary update. Contact your insurance agent to designate Lancaster Education Foundation to be the beneficiary of your life insurance policy.
Gifts of Retirement Plans
Your retirement plan assets can make a fast and meaningful gift to LEF while leaving more tax advantaged assets to your loved ones. Many people hold significant assets in tax-deferred IRAs or 401(k) plans.
When you contributed to your retirement plan, no tax was paid on those contributions. Whenever the money is withdrawn — either by you during your lifetime or by your heirs after your death – the income tax becomes due. Naturally, as a charitable 501 (c) 3 beneficiary, LEF is income tax-exempt, so IRA and 401(k) funds left to LEF are not subject to income tax. In contrast, a child inheriting $100,000 from an IRA must pay income tax on that amount and is only able to spend the net amount after taxes – around $72,000 if the child is in the 28 percent tax bracket.
In order to honor your legacy, we ask that everyone who has chosen to remember LEF in their estate plan send us a confidential, written record of the gift. By clicking on the link below and sending this form to our office, you allow LEF to recognize and honor your gift, while keeping our records correct and updated for the annual, confidential audit performed to maintain our Charitable 501(c)(3) status. Your name and amount of your gift are kept strictly confidential and will never appear in any public record.
Thank you for your commitment to the School District of Lancaster through the Lancaster Education Foundation! Statement of Intent